Three more petitions filed against Lodha in SC

NEW DELHI: The Birlas has moved the Supreme Court challenging a Calcutta High Court judgement which quashed its single judge order appointing joint administrators for controlling block of shares held by late Priyamvada Birla in four Birla group firms. The four investment companies -- East India Investment Co Pvt Ltd, Gwalior Webbing Co Pvt Ltd, Baroda Agents and Trading Co Ltd and Punjab Produce Holdings Ltd -- control the majority shares in five manufacturing companies, including flagship company Birla Corporation. A bench headed by Justice S B Sinha, however, adjourned the matter saying it would hear the matter after delivering the judgement in another related matter. Earlier, the apex court had reserved its judgement on the cross-appeals filed by the Birlas and R S Lodha challenging each other's right to object to late Priyamvada Birla's purported 1999 will and late M P Birla's 1982 will respectively. Under the 1999 Will, Priyamvada had bequeathed Rs 5,000- crore estate to her chartered accountant Lodha. Lodha had in 2004 declared that the entire Birla estate had been bequeathed to him by late M P Birla's widow Priyamvada Birla who died in July 2004 leaving behind no heir, through a will. For the execution of this purported will, Lodha has filed a probate petition in a different court. The three petitions filed by Radha Devi Mohatta (sister of M P Birla), Ajay Kumar Newar (nephew of M P Birla) and Ganga Prasad Birla (M P Birla's cousin) have stated that the presumption that executor appointed under the Will enjoyed the confidence of the testator had been shaken as the executor himself was a beneficiary and the will was oddly unnatural.

THE ECONOMIC TIMES; 24 Mar, 2008, 2157 hrs IST, PTI